Foundations of Marketing

The first step in the marketing segmentation process is to

• Define the market

• Position offer in the market

• Target the market

• Segment the market

A target market is

• The group of customers a business seeks to attract who have specific, similar needs

• The group of 5 to 10 people that a business markets to on a daily basis

• All of the customers who shop at target

• A customer who has an unfulfilled desire and is financially able and willing to fill that desire

Marketers segment markets to achieve which of the following objectives

• To create an offer that best fits the desires of the groups that exist in that market

• To identify the most appropriate media for advertising

• To better understand their target segments

• All of the above

The more ________ there is in the marketplace, the more ________ is required.

Henry Ford offering the Model T automobile to the public in “any color they want as long as its black” is a prime example of

• Mass marketing

• Market segmentation

• Market positioning

• Corporate branding

All of the following are advantages of the mass marketing approach except

• One product is offered

• Satisfies the needs of the majority

• One advertising campaign is needed

• One marketing strategy is required

A marketer who advertises wheelchairs in a surfing magazine does not know how to successfully develop a

• Service

• Marketing mix

• Product plan

• Target market

Marketers study what customers want and need, then they

• Carefully record what they learn

• Compare those needs and wants with their own

• Develop and market products to meet those needs

When segmenting the consumer market, the variables that make up the behavioral category include

• Location, climate, and city size

• Usage rate, brand loyalty, and features desired

• Family size, income level, and ethnicity

• Hobbies, sports, and interests

When Skechers shape-ups debuted, most people reacted to the attractiveness (or lack thereof) of the shoe, so the company changed the look of the shoe to appeal to new markets. This is an example of

• Demographic segmentation

• Geographic segmentation

• Psychographic segmentation

• Behavioral segmentation